Today, Robert F. Smith announced that Vista Equity Partners, his market investment firm, has surpassed $100 billion in assets under management (AUM)—the total market value of all its investments. Vista Equity Partners Smith is the wealthiest Black man in the United States, surpassing Oprah Winfrey in 2018 as the richest Black American. He founded Vista Equity Partners in 2000 to invest in businesses that use tech to promote economic equity, ecological responsibility, and diversity and inclusion. He recently announced plans to sell Apptio – a company that helps connect technology investments to business
Black Tech Street has announced an alliance with Microsoft to transform the Oklahoma neighborhood of Greenwood, also known as “Black Wall Street,” into a national hub of Black talent and innovation. Greenwood and Black Tech Street Greenwood is a historic freedom colony in Tulsa, Oklahoma, and had one of the most prominent concentrations of African American businesses in the United States during the early 20th century. It was popularly known as America’s “Black Wall Street” but was burned to the ground in the Tulsa race massacre in 1921 by a white
Pryce Adade Yebesi is the 23-year-old co-founder and COO of Utopia Labs, a startup on a mission to bridge the gap between crypto and traditional payment systems, and ultimately, create a new internet economy. Recently, Utopia Labs raised an impressive $23 million, making Yebesi one of the youngest Black founders to achieve such a milestone. Driving the adoption of crypto payments Utopia Labs’ founders Pryce Adade Yebesi, Kaito Cunningham, Jason Chong, and Alexander Wu first met on Discord and Twitter. The quad was brought together by an interest in Decentralized
American rapper Sean “Diddy” Combs has launched an e-commerce platform Empower Global, allowing consumers to discover and buy products created and sold by Black entrepreneurs. “My mission has always been to empower Black entrepreneurs and create more opportunities for them to access the resources, tools, and support needed to build successful businesses,” said Sean “Diddy” Combs, Chairman of Combs Global, in a press release. Empower Global Empower Global is an immersive e-commerce experience offering products from Black-owned businesses. With a focus on culture and community, Empower Global aims to create
Former bankers Lyndsae’ Peele and Casey Ariel are turning to web3 to empower and uplift Black women entrepreneurs with Zubachee, their “metaverse ecosystem for Black women in business.” The pair plan to onboard one million Black women onto the metaverse by 2023. What is Zubachee? Zubachee aims to become the go-to space in the metaverse for Black women entrepreneurs to find the tools and support needed to scale their businesses. Zubachee is also developing a curriculum and planning events to educate Black women needed to run profitable business operations. While
Founding President at Public Ventures, Zoey Dash McKenzie, has launched a $100 million impact fund to nurture the next generation of life science and climate tech startups emerging from academic research. TechCrunch reports that McKenzie is particularly keen to support Canada-based life science and clean tech startups that focus on improving health equity and supporting climate preparedness for underserved communities. Investing in climate equity According to UN Women, women and girls experience the most significant impacts of climate change, amplifying existing gender inequalities and posing unique threats to their livelihoods,
Black-owned VC firm Cornerstone V.C, which boasts a diversity-led investment thesis, has hired its first female partner Ella Wales Bonner. Bonner will spearhead the development of Cornerstone’s in-house coaching practice to support the leadership potential of its portfolio companies. Who Are Cornerstone V.C.? Born out of a Black-led angel group, Cornerstone Partners, Cornerstone V.C. firm was founded by Rodney Appiah, Edwin Appiah, and Wilfred Fianko. The early-stage venture capital firm invests in innovative B2B technology solutions in the U.K., launching its first £20 million ($23.9 million) fund last year. Cornerstone V.C. invests in many more
seeCOLe (see Clinical Data On Lens) is a wearable augmented reality health app revolutionizing how clinicians interact with electronic health records in real time. Using the app, healthcare professionals can interact with patient data using voice commands, removing the need to navigate patient records manually. CEO, founder, and lead developer Carl Osborne told POCIT about the pioneering spirit behind the app’s creation and how he hopes to make a lasting impact on the healthcare system. Inspired by Mary Seacole Jamaican-British nurse Mary Seacole inspires the company’s name. During the 19th-century Crimean War, Seacole
A recent study by Lendio has highlighted the extent to which location can impact the success of Black and Latine-owned businesses, ranking the best and worst states for minority-owned companies to succeed. The POC-owned business boom U.S. entrepreneurship is more diverse than ever, with people of color owning 1 in 5, or 1.2 million, of the nation’s businesses in 2020. Black and Latine Americans are also the fastest-growing group of entrepreneurs but continue to face challenges such as limited access to venture capital funding and a lack of networks and mentorship programs, all while facing discrimination
Unshackled Ventures, an early-stage venture capital firm for immigrant founders, has closed its third fund with $35 million. This adds to the $35 million the firm, founded by Manan Mehta and Nitin Pachisia, has already deployed to 80 companies. Unshackled Ventures has also provided over 200 founders with visa sponsorship, immigration support, and a community of resources. Unshackled Ventures The first and only early-stage venture capital fund focused on retaining foreign talent in the U.S., Unshackled Ventures invests in visionary immigrants and has built a place for them to successfully launch a
